never seen this before

thebullsback

A residential property in our area is been offered by an established estate agent  with an asking price of £245000 .
It also advertises the fact that it has already received  an offer of £200000 and anyone wishing to offer more should do so in writing.
Anyone ever seen this type of sale before and also if the displayed asking price was offered could someone then offer more ?  

BungalowBel

Yes, it just means they have received an offer of £200000 but are hoping for more so have not taken the property off the market, in case someone offers more.

subjecttocontract

Don't assume that it you offer more your offer will be accepted. I expect the seller will consider which buyers present the best opportunity & how quickly each can proceed etc.

Smalltownhypocrite

It sounds like a standard a corporate sale... so a repossession usually.

They need to get the most money possible to maximise profit to cover the debt and raise money for the debtee so they stay on market inviting higher offers until exchange and usually have a 28 day turn around clause (making it only really suitable to cash buyers). 

You CAN gazump or be gazumped in these sale however EA usually actively discourage it by refusing viewings etc... once an offer has been accepted which means any 'offer' needs to be made blind usually.

ReadySteadyPop

thebullsback said:

A residential property in our area is been offered by an established estate agent  with an asking price of £245000 .
It also advertises the fact that it has already received  an offer of £200000 and anyone wishing to offer more should do so in writing.
Anyone ever seen this type of sale before and also if the displayed asking price was offered could someone then offer more ?  

Just sounds like EA nonsense, the property is probably worth a lot less than 200k?

Albermarle

ReadySteadyPop said:

thebullsback said:

A residential property in our area is been offered by an established estate agent  with an asking price of £245000 .
It also advertises the fact that it has already received  an offer of £200000 and anyone wishing to offer more should do so in writing.
Anyone ever seen this type of sale before and also if the displayed asking price was offered could someone then offer more ?  

Just sounds like EA nonsense, the property is probably worth a lot less than 200k?

As already said it is probably a repossession, and the vendor is a bank or something similar, and are instructing the EA.

OP - check with the EA the status of the property and who the seller is .

singhini

I've seen "we have already received  an offer of £x and anyone wishing to offer more should do so in writing" anumber of times over the years and just assumed they were repossessions or probate properties. 

dannim12345

Seen that before on a repossession, as others have already said. 

daveyjp

Definately a repo.  The agent has to show to the mortgagee that they have achieved the best price.

Slinky

Used to see this a lot in the mid 90s when it was a repossessed property.